"Tax Cuts 2.0 is a fitting name, because this bill would add more than $2.0 trillion to our national debt over 10 years once it kicks in," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.

Last year’s tax legislation was a key opportunity to simplify the tax code, but in addition to adding significantly to our national debt, the Tax Cuts and Jobs Act actually increased the number of tax breaks.